A lead headline on Yahoo! Finance (YHOO) today reads: "Economists worry economy won't recoup 7 million lost jobs" - link here. The article opens with good news but then steers the reader toward the negative:
- A two-year string of job losses appears to be near an end, if it hasn't ended already.
- But most economists don't expect the employment picture to significantly improve anytime this year -- or over the next few years for that matter.
- The unemployment rate, which stood at 10% in November, is expected to stay uncomfortably high for the foreseeable future. Some experts even suggest that the labor market won't be able to fully recover from the 7.2 million jobs lost since the start of 2008 before another recession and round of job losses.
Yes, some job reductions continue and new hiring is tight, yet we see companies hiring:
- Amazon (AMZN) appears to have more than 900 open jobs - link here.
- Amazon Web Services, hub of "Cloud Computing" (seemingly everyone's favorite topic at present) appears to have perhaps 90 openings - link here.
- Twitter has maybe 20 openings - link here.
- Kellogg (K) has appears to have 141 openings - link here.
- Ford (F) has a number of openings - link here.
- Johnson Controls (JCI) has 825 openings - link here.
Whenever more gloomy headlines come across, keep in mind many positive things that are happening: Internet traffic continues to grow like crazy (= rapid information flow/exchange, more productivity, new media forms, new business opportunities, etc.), E-Commerce holiday spending grew ~4% Y/Y per ComScore (SCOR), and even U.S. retail container port volumes are poised to increase (off easy Y/Y comparisons, but we'll take it). Indeed, we submit that life and business will progress amidst a relentless wall of worry.
Disclosure: long YHOO.
© 2010 Jeffrey Walkenhorst
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